ZPRC.DE vs. ASWC.DE

Last updated Jun 5, 2026

ZPRC.DE (SPDR Refinitiv Global Convertible Bond UCITS ETF) and ASWC.DE (HANetf Future of Defence UCITS ETF Acc EUR) are both exchange-traded funds - ZPRC.DE is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible, while ASWC.DE is a Aerospace & Defense fund tracking the EQM Future of Defence Index. Both are passively managed. Over the past year, ZPRC.DE returned 33.63% vs 17.13% for ASWC.DE. A 0.54 correlation means they provide meaningful diversification when combined. ZPRC.DE charges 0.50%/yr vs 0.49%/yr for ASWC.DE.

Performance

ZPRC.DE vs. ASWC.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) and HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZPRC.DE achieves a 19.28% return, which is significantly higher than ASWC.DE's 13.04% return.

ZPRC.DE

• 1D: -0.38%
• 1M: 5.04%
• YTD: 19.28%
• 6M: 20.49%
• 1Y: 33.63%
• 3Y*: 16.27%
• 5Y*: 7.58%
• 10Y*: 8.83%

ASWC.DE

• 1D: -0.80%
• 1M: 8.16%
• YTD: 13.04%
• 6M: 14.70%
• 1Y: 17.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPRC.DE vs. ASWC.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZPRC.DE SPDR Refinitiv Global Convertible Bond UCITS ETF	19.28%	11.36%	13.71%	3.54%
ASWC.DE HANetf Future of Defence UCITS ETF Acc EUR	13.04%	38.30%	39.36%	14.35%

Correlation

The correlation between ZPRC.DE and ASWC.DE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 5, 2023	0.54

The correlation between ZPRC.DE and ASWC.DE shifts across timeframes, from 0.42 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZPRC.DE vs. ASWC.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZPRC.DE

ZPRC.DE Risk / Return Rank: 90
ZPRC.DE Sharpe Ratio Rank: 89
ZPRC.DE Sortino Ratio Rank: 88
ZPRC.DE Omega Ratio Rank: 87
ZPRC.DE Calmar Ratio Rank: 94
ZPRC.DE Martin Ratio Rank: 93

ASWC.DE

ASWC.DE Risk / Return Rank: 25
ASWC.DE Sharpe Ratio Rank: 25
ASWC.DE Sortino Ratio Rank: 25
ASWC.DE Omega Ratio Rank: 24
ASWC.DE Calmar Ratio Rank: 29
ASWC.DE Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZPRC.DE vs. ASWC.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) and HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ZPRC.DE	ASWC.DE	Difference
Sharpe ratio: Return per unit of total volatility	2.93	0.84	+2.09
Sortino ratio: Return per unit of downside risk	3.93	1.30	+2.62
Omega ratio: Gain probability vs. loss probability	1.53	1.16	+0.37
Calmar ratio: Return relative to maximum drawdown	6.98	1.36	+5.62
Martin ratio: Return relative to average drawdown	25.17	3.10	+22.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZPRC.DE vs. ASWC.DE - Sharpe Ratio Comparison

The current ZPRC.DE Sharpe Ratio is 2.93, which is higher than the ASWC.DE Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of ZPRC.DE and ASWC.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZPRC.DE	ASWC.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.93	0.84	+2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.91	-1.09

Drawdowns

ZPRC.DE vs. ASWC.DE - Drawdown Comparison

The maximum ZPRC.DE drawdown since its inception was -23.49%, which is greater than ASWC.DE's maximum drawdown of -12.58%. Use the drawdown chart below to compare losses from any high point for ZPRC.DE and ASWC.DE.

Drawdown Indicators

	ZPRC.DE	ASWC.DE	Difference
Max Drawdown Largest peak-to-trough decline	-23.49%	-12.58%	-10.91%
Max Drawdown (1Y) Largest decline over 1 year	-4.80%	-12.58%	+7.78%
Max Drawdown (3Y) Largest decline over 3 years	-13.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.71%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.49%	—	—
Current Drawdown Current decline from peak	-0.38%	-2.83%	+2.45%
Average Drawdown Average peak-to-trough decline	-6.01%	-2.47%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	5.51%	-4.18%

Volatility

ZPRC.DE vs. ASWC.DE - Volatility Comparison

The current volatility for SPDR Refinitiv Global Convertible Bond UCITS ETF (ZPRC.DE) is 3.94%, while HANetf Future of Defence UCITS ETF Acc EUR (ASWC.DE) has a volatility of 5.89%. This indicates that ZPRC.DE experiences smaller price fluctuations and is considered to be less risky than ASWC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPRC.DE	ASWC.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	5.89%	-1.95%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	15.89%	-6.53%
Volatility (1Y) Calculated over the trailing 1-year period	11.45%	20.35%	-8.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.54%	19.12%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.76%	19.12%	-8.36%

ZPRC.DE vs. ASWC.DE - Expense Ratio Comparison

ZPRC.DE has a 0.50% expense ratio, which is higher than ASWC.DE's 0.49% expense ratio.

Dividends

ZPRC.DE vs. ASWC.DE - Dividend Comparison

ZPRC.DE's dividend yield for the trailing twelve months is around 0.57%, while ASWC.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASWC.DE HANetf Future of Defence UCITS ETF Acc EUR	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZPRC.DE SPDR Refinitiv Global Convertible Bond UCITS ETF	0.57%	0.68%	0.46%	0.23%	0.24%	0.16%	0.32%	0.41%	0.36%	0.51%	0.61%	0.69%

Frequently Asked Questions

Can I hold both ZPRC.DE and ASWC.DE in my portfolio?

ZPRC.DE and ASWC.DE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZPRC.DE or ASWC.DE?

On fees, ASWC.DE is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZPRC.DE or ASWC.DE?

ASWC.DE is cheaper with a 0.49% expense ratio, compared with 0.50% for ZPRC.DE.

What is the main difference between ZPRC.DE and ASWC.DE?

ZPRC.DE is categorized as Convertible Bonds, while ASWC.DE is Aerospace & Defense. ZPRC.DE tracks Refinitiv Qualified Global Convertible, while ASWC.DE tracks EQM Future of Defence Index. They also come from different issuers: State Street and HANetf. Their fees differ too: 0.50% for ZPRC.DE and 0.49% for ASWC.DE.